Ahead of BRICS Meeting, China Targets Dollar Power
   2011-04-08 15:30:01    Agencies      Web Editor: Yu

By Pranab Dhal Samanta

Ahead of the BRICS (Brazil, Russia, China, India and South Africa) summit in its resort town of Sanya next week, China has put India and some of the other participants in a spot by proposing an agreement between the EXIM and development banks of all five countries to enable trade in local currencies instead of the US dollar.

The move is being seen as a clear affront to the US, one which was first attempted through an understanding between China and Russia during the height of the economic crisis two years ago. While the Reserve Bank of India is examining the proposal, sources said, India is unlikely to agree to give its consent in a hurry.

In fact, other countries like Brazil and South Africa are also likely to have serious questions because just like India, they are also major trading partners of the US. Given that any such arrangement would largely translate into a Yuan trade due to Chinas economic predominance, the concern in New Delhi is that it should not get caught up in Chinese efforts to outdo the US.

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